May 9, 2014 - Vancouver, British Columbia, Canada: Bard Ventures Ltd. (the "Company") is pleased to announce the results of the Company's Annual General and Special Meeting held April 17, 2014 (the "Meeting"). The shareholders of the Company elected Eugene Beukman, James Miller-Tait, John B. Malysa and Robert Pryde as directors of the Company for the upcoming year. Mr. McGrath resigned as director and did not stand for re-election at the Meeting. The Board wishes to express its gratitude to Mr. McGrath for his contributions to the Company and to wish him well with his future endeavors.
The Directors appointed the following officers of the Company: Eugene Beukman, President and Chief Executive Officer, Florence Luong as Chief Financial Officer, Debra Watkins as Corporate Secretary and Richard Kemp as Vice President of Exploration.
The Company also wishes to announce that further to its news release dated March 27, 2014, shareholders passed a special resolution approving the Advance Notice Policy of the Company and adoption of a new form of the Company's Articles which includes provisions requiring advance notice of director nominees from Shareholders. The TSX Venture Exchange (the "TSXV") has advised that it has no objection to the Company's new Articles which includes the advance notice provision. A copy of the new Articles has been filed on SEDAR under the Company's profile.
The Company also announces that it will seek TSXV approval to consolidate all of its issued and outstanding common shares (the "Common Shares") on the basis of every three (3) old Common Shares being consolidated into one (1) new Common Share (the "Share Consolidation"). In accordance with current TSXV policies, shareholder approval will not be required for the proposed Share Consolidation. The proposed Share Consolidation has been approved by the Company's board of directors.
The proposed Share Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 17,109,348 Common Shares to approximately 5,703,116 Common Shares. The Company also has outstanding options to purchase 2,219,870 Common Shares, equal to 739,956 Common Shares on a post-consolidation basis, and 5,008,000 warrants to purchase 5,008,000 Common Shares, equal to 1,669,333 Common Shares on a post-consolidation basis.
The Company does not intend to change its name or its current trading symbol in connection with the proposed Share Consolidation.
Management of the Company believes that the proposed Share Consolidation will better position the Company to raise the funds it requires to finance ongoing business activities and advance its mineral properties.
The effective date of the consolidation will be disclosed in a subsequent news release. Notwithstanding the foregoing, the board of directors may, at its discretion, determine not to effect the consolidation.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, President
For further information please visit our website at www.bardventures.com.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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